Member Info for DaveysShares

maidit, SOU wasn't up 35%. Was up 11% & whilst there was no RNS there was news posted from a Moroccan website.

Look at the posts at 13:48+ for your answers

The closing mid price was 0.665, no change from yesterday. The SP shown of 0.69 is a false positive based on a small UT at end of day. There were only 11 trades all day & the highest paid was 0.679. No real market reaction one way or the other.

maidit, perhaps you can explain why you consider todays news to be "good news indeed". It's only reaffirming what is already known and was in the last Block Admission Review 6 months ago (nothing has changed).

Usually, there are only 2 circumstances in which options/warrants will be exercised. 1) if they are in the money and the holder wants to exercise them and sell immediately. 2) if they are in the money and the option is about to expire.
There's no point in exercising the options and then holding the shares if they are not due to expire. You might as well wait in case the SP retracts before the expiry date. Also, I see no reason/rationale for them to be exercised when the SP is around specific amounts.

abzzba, I basically implied that in my final paragraph

For the vote to be accepted at the next meeting there has to be a quorum of a minimum of 5m votes cast (25% of the maximum of 20m that can be cast).

Once the quorum has been met then in order for the resolution to pass a minimum of 2/3rds of the votes cast needs to be in favour. Less than 2/3rds means the resolution is not passed & the bond terms remain as they are now.

In the first vote more than 2/3rds of the votes cast were in favour (but the quorum for that meeting was not met). If the quorum had been met then the resolution would have passed there & then.

I would clarify todays vote as follows:-

In order to conclude the resolution there needed to be 15m votes cast out of 20m (the required 75% quarum). Only 12.5m votes were cast (62.5%). Hence the meeting was adjourned in compliance with the proposal document.

Out of the 12.5m votes cast today 10.5m (84%) were FOR and 2m were AGAINST. Had the quarum been met then the 2/3rds majority required to pass the resolution would have been met.

The adjourned meeting will now only require 5m votes to be cast in order to meet the 25% quarum. Based on todays voting pattern the resolution is very likely to pass at the next meeting if todays votes remain unchanged and no further votes are cast. The only possible negative outcome is if a high enough proportion of the bondholders that didn't vote today (7.5m possible votes) now decided to vote against the resolution, such that the FOR votes become less than 2/3rds of the total votes cast.

I've just been reviewing the Share Placement agreement per RNS 16/12/20 and notice the 2nd tranche is due soon. However there is a clause that it can be postponed if SP is less than 13p. This may contribute to a further decline in the SP. Any views anyone?

It's to pay tax liabilities as stated in the RNS.

The post by Dad was the day before the buyback announcement!

The bid has crept above £1.45 today so now wouldn't make sense to accept the buyback offer if it remains at the current price. I wonder why they just didn't just propose a special dividend.

He's right. The last published accounts to 30/6/20 show shareholder equity to be in excess of -£4m (negative).

Probably some profit taking after the recent rise and also the old adage buy on rumour sell on news! At least the dividend is resuming.